Revenue of China's general public budget drops in first 4 months of 2024
Date
5/21/2024 8:20:44 AM
(MENAFN) In the initial four months of 2024, China's general public budget revenue exhibited a downward trend, experiencing a decline of 2.7 percent year-on-year to reach 8.09 trillion yuan (approximately 1.14 trillion U.S. dollars), according to data released by the Ministry of Finance. This reduction in revenue was primarily driven by a notable decrease in the revenue collected by the central government, which amounted to 3.53 trillion yuan, marking a significant 6.2 percent decline compared to the corresponding period in the previous year. Conversely, local governments witnessed a modest increase in revenue, with their total revenue edging up by 0.1 percent to reach 4.57 trillion yuan.
Tax revenue, a critical component of the general public budget revenue, also experienced a downturn during the January-April period, totaling 6.69 trillion yuan. This figure represents a decline of 4.9 percent compared to the same period last year. Despite the challenges posed by the decrease in revenue, general public budget spending expanded by 3.5 percent year-on-year, reaching a total of 8.95 trillion yuan during the same period.
General public budget revenue serves as a fundamental pillar of government finance, providing the necessary financial resources to support various governmental functions, public services, and infrastructure development initiatives. The revenue generated through the government's participation in the distribution of social products plays a crucial role in ensuring the effective operation of the government and facilitating the fulfillment of its obligations to citizens and the broader society.
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